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ETH and Altcoins Follow Bitcoin Bloodbath

After a significant 8% drop in Bitcoin’s USD price the past few days, the cryptocurrency market has continued to bleed significantly with Ethereum and many other altcoins following the negative trend. Ethereum suffered a 12% drop in the past few days (currently at $410 at the time of writing), moving down from the comfortable levels of support it had established around $450. ETH’s low wicked down to $395, with the next major support seemingly sitting at the $365 mark.

While Bitcoin’s price has continued shaking out in the $7,200-7,600 range, many altcoins have suffered large drops similar to ETH, past their expected levels of long-term support.

Below is the 4h ETH/USD chart, with the 12% drop highlighted:

This drop in Ethereum’s price has seen serious bleeding across a variety of other coins, with some of the biggest losers over the past 24 hours being Waltonchain (-16.60%), ICON (-15.54%), Wanchain (-14.68%) and Vechain (-13.20%). Other coins which also dropped by more than 10% today are PundiX, PolyMath, Dent, Golem, and Mithril.

While some coins like EOS, Tezos, and Komodo especially have recovered and are doing positively on the 24h timescale, many other coins continue to reach for new bottoms. Today’s hit of drops only underscores the relative negative downtrend over the past couple of weeks for Ethereum and various other altcoins.

Ethereum looks like it will be hugging the $410 support line, with it possibly turning to resistance very soon. Despite Ethereum’s recent drop following Bitcoin’s, ETH/BTC has risen steadily over the past 10 hours (+3% on the high wick over the past 10 hours), offering the possibility of some breathing room for Ethereum and other altcoins, while Bitcoin possibly suffers its next drop.

Below is the 1h chart of ETH/BTC:

Bitcoin has also moved slightly below the previously anticipated $7,500 support, and is priced $7,380 at the time of writing. If the $7,200 level breaks for Bitcoin, it looks like $7,000 is the only possible point of support before dropping back down to the $6,800 price.

News Coin Today is not a source of financial advice. Charts are from TradingView.